| We have audited the accompanying Financial statements of ANKUSH
FINSTOCK LIMITED ("the company"),which comprise the Balance Sheet as at
31 March 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements :
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these Financial Statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes the
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial control,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility :
Our responsibility is to express an opinion on these Financial
Statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give true and fair view in
order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Financial
Statements.
Opinion :
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:-
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015;
b) in the case of the Statement of Profit and Loss, of the loss for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements :
1. As required by the Companies (Auditor's Re- port) Order, 2015
issued by the Central Gov- ernment of India in terms of sub-section
(11) of section 143 of the Act ( hereinafter referred to as the "
Order"), and on the basis of such checks of the books and records of
the com- pany as we considered appropriate and accord- ing to the
information and explanations given to us , we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order.
2. As required by Section 143 (3) of the Act, we report that:
(a) we have sought and obtained all the in- formation and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) in our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
(c) the Balance sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agree- ment with the
books of account.
(d) in our opinion, the aforesaid Financial Statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) on the basis of the written representations received from the
Directors as on 31st March 2015 are taken on record by the Board of
Directors, none of the Director is disqualified as on 31st March 2015
from being appointed as a Director in terms of Section 164 (2) of the
Act.
(f) with respect to the other matters to be
included in the Auditor's Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the
best of our information and according to the explanations given to us :
i. the Company has disclosed the impact of pend- ing litigations on
its financial position in its fi- nancial statements ;
ii. In our opinion and as per the information and explanation provided
to us the Company has not entered into any long-term contracts includ-
ing derivatives contract, requiring provision under applicable laws or
accounting standards, for material foreseeable losses.
iii. the company is not required to transfer any amount to Investor
Education and Protection Fund.
ANNEXURE TO THE AUDITOR'S REPORT
The Annexure referred to in our report to the members of ANKUSH
FINSTOCK LIMITED for the year Ended on 31st March,2015, we report that:
1) (a) In our opinion and according to the information and explanation
given to us, the company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) In our opinion, the fixed assets have been physically verified by
the management at reasonable intervals having regard to the size of the
company and the nature of its assets. No material discrepancies were
noticed on such verification.
2) (a) As explained to us, inventories have been
physically verified by the management at reasonable intervals during
the year. In our opinion, the frequency of such verification is
reasonable.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of stock followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of it's business.
(c) Company has maintained proper records of inventories. No material
discrepancies were noticed on physical verification of inventories.
3) The company has not granted any loans, secured or unsecured to the
parties covered in the register maintained under Section 189 of the
companies Act, 2013. Accordingly, clauses III (a) & (b) of the Order
are not applicable.
4) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to the purchase of inventory of, fixed assets and
with regard to the sale of goods. During the course of our audit,
no major weakness has been noticed in the internal controls.
5) The Company has not accepted any deposits from the public. Hence
clause no 5 of the Order is not applicable to the Company.
6) The central government has not prescribed the maintenance of cost
records under section 148(1) of the Act , in respect of any of the
company's products and hence para 3(vi) of CARO 2015 is not applicable.
7) (a) According to the information and
explanations given to us and on the basis of our examination of the
records of the Company, amounts deducted/ accrued in the books of
account in respect of undisputed statutory dues including provident
fund, income tax, wealth tax, service tax, value added tax, cess and
other material statutory dues have been regularly deposited during the
year by the Company with the appropriate authorities. As explained to
us, the Company did not have any dues on account of employees' state
insurance and excise duty & custom duty According to the information
and explanations given to us, no undisputed amounts payable in respect
of provident fund, income tax, sales tax, wealth tax, service tax, duty
of customs, value added tax, cess and other material statutory dues
were in arrears as at 31 March 2015 for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, there
are no material dues of wealth tax, duty of customs and cess which have
not been deposited with the appropriate authorities on account of any
dispute. However, according to information and explanations given to
us, the dues of income tax and service tax have not been deposited by
the Company on account of disputes :
Name Nature Amount Period Forum
of the of Rs. for which where
Statute dues the dispute
amount is
relates pending
Income Income 29,27,851 05-06 Appellate
Tax Tax Tribunal
Service Service 94,657 05-06 Appellate
Tax Tax Tribunal
(c) the company is not required to transfer the amount of investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956)
8) The Company does have accumulated losses at the end of the financial
year & has incurred cash losses in the financial year and in the
immediately preceding financial year.
9) According to the records of the company the company has not borrowed
from financial institutions or banks or issued debentures till 31st
M\arch, 2015. Hence in our opinion the question of reporting on
defaults in repayment of dues to financial institutions or banks or
debentures does not arise.
10) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
11) According to the records of the company the company has not taken
any term loans during the year, hence comments under the clause are not
called for.
12) Based on the audit procedures performed and informations and
explanations given by the management we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For DJNV & CO.
Chartered Accountants
Firm Regn. No. 115145W
Jayesh Parikh
Place : Ahmedabad Partner)
Date : 29th May 2015 M. No. 40650 |